Who Owns ArcelorMittal?

ArcelorMittal descends from two very different companies. Arcelor was formed in 2002 from the merger of three European steelmakers: Arbed of Luxembourg, Usinor of France, and Aceralia of Spain. It represented the integrated, high-cost but technically sophisticated Western European steel tradition, with flagship flat-products plants serving automotive and appliance customers.

Mittal Steel was the creation of Lakshmi Mittal, an Indian-born entrepreneur who began buying distressed steel mills in the 1970s, first in Indonesia, then across Trinidad, Kazakhstan, Romania, and other emerging markets. His formula was consistent: acquire underperforming state or bankrupt plants cheaply, install professional management, and cut costs. By 2004, after merging his holdings with International Steel Group in the United States, Mittal Steel was the world's largest steelmaker.

In January 2006, Mittal launched a hostile bid for Arcelor that became one of the defining takeover battles in European corporate history. After months of resistance, Arcelor's board agreed in June 2006 to a merger at roughly 40.37 euros per share, valuing the company around 33 billion dollars. Mittal Steel acquired control in August 2006, and in 2007 the companies merged into ArcelorMittal, headquartered in Luxembourg.

The combined company produced about 10 percent of world steel at formation. It grew further with acquisitions including India's Essar Steel in 2019 through the AMNS India joint venture with Nippon Steel, and expanded mining operations in Liberia, where it shipped record iron ore volumes in 2025. China Baowu overtook it as the largest steelmaker in 2019, leaving ArcelorMittal as the world's number two and the largest outside China.

Recent years brought portfolio reshaping: divestment of US integrated operations to Cleveland-Cliffs in 2020, decarbonization investments in European electric arc furnaces and hydrogen-ready DRI, and a renewables build-out in India. Fiscal 2025 produced $61.4 billion in sales, $6.5 billion EBITDA, and $3.2 billion net income on 55.6 million tonnes of production.